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On Thursday, the Greenback edged higher against the JPY, but fell overall on a weighted-basis as the GBP and EUR showed strength with traders awaiting the U.S. Senate on Donald Trump's tax bill. Data on Wednesday showed that the U.S. Gross Domestic product (GDP) increased at a 3.3% annual rate in the July-September period, the US Commerce Department said in its second estimate of GDP beating a previous estimate of 3%. On the release front, markets are awaiting the U.S. PCE Core, which is expected to hit 1.4% from 1.3%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.15% at 93.301

EUR

The EUR declined vs. the USD by 0.15% with the EUR/USD at $1.1829. On the release front, traders are awaiting German Unemployment Change as well as Euro-Zone Consumer Price Index.

GBP

The sterling pound rose by 0.48% vs. the Greenback to 1.3474 after European Union diplomats said that Britain has moved "close" to EU demands over Brexit.

JPY

Against the JPY, the Greenback rose as much as 0.45%, to settle at ¥112.43. Looking ahead, markets are awaiting Japan National Consumer Price Index.

Gold

Gold prices rose due to geopolitical worries as the US ambassador to the UN Nikki Haley suggesting a complete oil embargo on North Korea. Gold Futures - Dec 17 (GCZ7), fell as much as 0.19% 1,279.85.

Oil

Crude oil prices recovered as the market player are awaiting full details of a widely expected extension of OPEC-led output curbs. OPEC and non-OPEC oil producers could extend output curbs until the end of 2018, but likely review the deal in June of 2018 depending on market conditions.

DisclaimerThe prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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